Free Download Matchmakers: The New Economics of Multisided Platforms

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Matchmakers: The New Economics of Multisided Platforms

Free Download Matchmakers: The New Economics of Multisided Platforms

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Audible Audiobook

Listening Length: 6 hours and 53 minutes

Program Type: Audiobook

Version: Unabridged

Publisher: Audible Studios

Audible.com Release Date: May 3, 2016

Whispersync for Voice: Ready

Language: English, English

ASIN: B01EVXH306

Amazon Best Sellers Rank:

I have read three other books on this topic - software platforms - and this is by far the best. It presents the difficulties in creating a successful platform as well as their power, eschewing the breathless hype. Well reasoned, clearly written, and easy to read.

Multisided platforms which the authors aptly refer to as ‘matchmakers’, have created huge value for society, and enormous fortunes for their entrepreneurs and shareholders. Of the five most valuable companies in the world last year, three are using the matchmaker business model: Apple, Google, and Microsoft. Of the ten start-ups with the highest market values, seven are matchmaker platforms. These include Airbnb and Uber. Lower down the market capitalization charts are many more successful companies using this model, too.The matchmaker business model is hardly a new development. A mall is an example, attracting and enabling various buyers and sellers to interact. A magazine or newspaper attracts readers through its journalism, which attracts advertisers.However, matchmaker business models are much more complicated than they appear, and have been misunderstood by business people and economists.Conventional businesses buy inputs from suppliers, and transform them in some way into either goods or services, that can be sold to customers. Here the key is to attract customers, and sell to them profitably. The tasks of matchmaker platforms, is to attract two or more types of participants by enabling them to trade with each other on attractive terms. The inputs of matchmakers are primarily their participants.Until recently, economists didn’t have models for how these businesses worked. Most investors during the dotcom bubble, for example, lost astronomical amounts of money through the application of criteria that simply didn’t fit this category. Traditional economics holds, for example, that it’s never profitable to sell products at less than cost; there is a first-user advantage; and critical mass is essential – ‘just find the eyeballs and we will find a way to monetize it.’In 2014, Jean Tirole received the Nobel Memorial Prize in Economic Sciences for important contributions to economic understanding, including his insights into the new economics of multisided platforms. Understanding multisided platforms allows businesses to assess their viability, and then to structure the business model appropriately.‘OpenTable’, a free mobile app, enables you to find and make restaurant bookings anytime, anywhere. You do not have to worry about opening hours, or phoning numerous restaurants to enquire about availability, or to view the menu. ‘Free’ wasn’t OpenTable’s temporary, opening promotion; it hasn’t ever charged. Diners are so valuable to the model that OpenTable finds and actually ‘pays’ them through rewards for using the service.The matchmakers suffer from the chicken-and-egg problem. You can’t have chickens without eggs, but you need chickens to get eggs. A matchmaking platform can’t attract diners without restaurants, but no hungry consumer would use a reservation system that had no restaurants available.As recent history has shown, most matchmaker start-ups don’t survive. “Now economists know why multisided platforms can create immense value, and how they do it, and also why most matchmaker start-ups sputter and die,” explain the authors, David Evans and Richard Schmalensee, both highly respected economists.Once the complex network effects of these businesses are understood, economists started investigating the pricing models that these firms should use, to maximize their profits. In conventional businesses price is usually achieved through balancing volume and margin. The higher the price the lower the volume, and vice versa. Selling more, but earning ever less, would not make sense: but this doesn’t always apply to matchmakers.Matchmakers sell connections, and they must balance their treatment of all the customer groups to ensure that they have enough of the right members of all groups on the platform. Pricing is a key element of this balancing act.Consider the example of malls as Matchmakers. The mall owners make use of the insight that groups in any multisided platform have different levels of interest in meeting other groups, and therefore would pay different amounts for this. These groups range from the ‘desperate to meet’ (the supermarket in the mall,) and the ‘would be nice to meet’, (the shopper). The supermarket pays to be in the mall, and may even subsidise the shopper’s parking so she can be in the mall completely free, even if the shopper shops elsewhere too.The authors identify critical issues in designing and starting a multisided platform. Uber offers an accessible example.The Matchmakers succeed when they identify difficulties that hinder the various parties from dealing with each other directly. If you need a taxi in a hurry, but your small taxi company doesn’t have cabs available in your area, Uber provides a solution. Its app automatically signals to the closest Uber driver that want a ride, and identifies your location, thereby removing the hindrance.To achieve this the Matchmakers have to secure critical mass in order to launch. If there aren’t many people needing rides, or there aren’t many people with cars willing to sell rides, you could not get a ride when you need one: the chicken-and-egg problem. Uber doesn’t have to own cars; only an enabling technology, to be able it to grow chickens and have eggs rapidly and simultaneously.Low prices are always great for one side of the platform, (the person needing a ride), but not for the other, (the driver.) Getting the pricing structure right is critical to launching a successful Matchmaker. This requires a balance between the interdependent demands of the multiple stakeholders: the driver who must cover his own operational costs and make a profit, and the people needing rides who could use their car or use a conventional taxi company. By keeping overheads low, all players in the multisided-platform win.Matchmaking is always part of broader ecosystems of competing providers, regulations, and other institutions. Uber needs to navigate the problem of not being classified as either a taxi or an employer. Uber needs to fend off the antagonism of cab drivers who are seeing their clientele disappear. Uber is assisted by harsh drunk-driving laws, that encourage passengers to get a ride rather than drive intoxicated.Matchmakers have to be concerned with the manner in which participants on the platform interact with each other. Many of these businesses have adopted governance systems, complete with ‘laws,’ ‘enforcers, and ‘penalties.’ Uber passengers are encouraged to rate the drivers’ manners and driving ability. Poor driving will result in the driver being withdrawn from the system, and abusive passengers will be excluded from using the service.It is the explosion of specific technologies that is behind the remarkable growth of multisided-platforms, the authors explain.Uber’s costs of connecting to their various constituencies are negligible. The internet can connect some 3 billion people world-wide, which is over 40% of all people on earth. Rapid transmission of messages in all forms is now possible, through the ever-faster mobile internet connection. Drivers’ and passengers’ locations can be identified instantly through GPS systems and communication between all players in real time.“When Uber decided to expand from San Francisco to Brussels, it didn’t have to build a physical distribution facility, or even hire a stable of dispatchers to handle calls and direct drivers,” Evans and Schmalensee report. All the participants using Uber hundreds of millions of times a year, in 350 cities in 67 countries needed to do, was to download the Uber app onto their smartphones.Are you, or could you be a multisided-platform? Whether you are technology-dependent or a physical multisided-platform, or interact with one, this is a valuable book.Readability Light --+-- SeriousInsights High -+--- LowPractical High --+--- Low*Ian Mann of Gateways consults internationally on leadership and strategy and is the author of Strategy that Works.

Matchmakers should be required for any entrepreneur or VC for that matter. Far too often, the failure of a company looking to launch a new market platform is written off as just another example of "marketplaces are tough". This book give you a solid framework for understand why they are difficult but also why they can be so valuable. The book is surprisingly easy to read, but don't let that fool you. The concepts explored will require some deep thought to really understand and apply the concepts to your particular business.The one section of the book I really enjoyed was on the market rules and what needs to happen when rules are violated. Most markets need some types of rules, but I get the sense that most entrepreneurs treat them as an afterthought.If you are working in an old-school industrial business or an industry that just can't seem to keep up with technology, you better read this book. Platforms are upending all varieties of boring businesses each day. Yours could be next.

After reading a summary and watching a CNBC interview with the author, I was looking forward to reading Matchmakers. I was looking for "business insight" and not a "multisided platforms are really interesting" book. Unfortunately, the book is short on insight and extremely repetitive (authors must have been encouraged by the publisher to gross up the page count). This book reads like a 20 page business journal article that someone wanted turned into a 200 page book. If you know nothing about multisided platforms, maybe this is a good book for you to skim. If you are looking for business insight, this is likely not the book for you.

This is a very useful book as it really thrives in bridging from old economy's microeconomics to the world of multi-sided platforms. Compared with other books about the current hype, the analysis performed in this book is carefully crafted and very compelling and interesting.

Great insights in this book which makes it an interesting read. The only improvement I would wish for is the overall readability - it flips between examples and then comes back to them at different parts of the book, when the point being made is largely the same.Would still recommend it, especially for employees and employers in established industries, which are bound to be transformed by multi-sided platforms, if not already.

An easy read that provides a clear view of the first-order issues in multi-sided markets.

Awesome book for understanding the new age of economics and new business models

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Matchmakers: The New Economics of Multisided Platforms PDF

Matchmakers: The New Economics of Multisided Platforms PDF

Matchmakers: The New Economics of Multisided Platforms PDF